Security as a Service Market

Security as a Service Market

  • March 2020 •
  • 172 pages •
  • Report ID: 5932774 •
  • Format: PDF
Security as a Service Market

"An increasingly number of companies and individuals are turning to cloud computing, as it helps them save substantially on expenditure. Cloud requires no physical infrastructure, and companies also do not have to hire too many IT professionals. Further, people can access the structured and unstructured data stored on the cloud from anywhere. However, cloud often falls victim to cyber-attacks, which is pushing the demand for security solutions.

As a result, the global security as a service market share would grow to $43.4 billion by 2030, at a CAGR of 17.4% during the forecast period (2020–2030), from $7.8 billion in 2019. According to the Cost of a Data Breach Report 2019, jointly published by the Ponemon Institute and IBM Corporation, companies withstood average losses of $3.92 million in 2019, as a result of data breaches. Therefore, with businesses increasingly migrating to the cloud and number of cyber-attacks rising, the demand for security solutions is mushrooming.

Database Security to Witness Fastest Advance during Forecast Period
During the forecast period, the adoption of database security solutions would grow the fastest in the security as a service market, at a CAGR of 18.4%, as firms are rapidly transferring their data to the cloud, to make the most of cost-effectiveness, performance, and operational flexibility advantages. But, due to cloud often becoming an easy target of data breaches, the adoption of security solutions to protect the database is rising.
In 2030, hybrid cloud would be the most popular deployment method in the security as a service market, as it offers users personalization ability and the flexibility of data access, control, ownership, updation, maintenance, and storage.

In the coming years, small and medium enterprises (SME) are projected to experience higher CAGR, as they are rapidly adopting software as a service (SaaS) solutions to reduce their IT spending, which creates the need to implement robust security measures.
During the historical period (2014–2019), the highest revenue was generated in the security as a service market by the identity & access management category. Companies are swiftly incorporating SaaS security solutions for defining and managing the role of various employees and granting individuals the access to sensitive data, based on the designation they hold.

The healthcare category is predicted to advance at the highest CAGR during the forecast period, as hospitals and other healthcare sectors deal with huge volumes of sensitive patient data, related to billing, medical history, drug prescriptions, diagnostic results, insurance policies, and treatment schedules. Thus, to protect such data, stored on the cloud, medical firms are heavily using security solutions.

Till 2030, North America would continue being the largest security as a service market, as the infrastructure here is advanced, an increasing number of cyber-attacks are being carried out on the cloud, adoption of cloud services is surging, and stringent data security laws have been implemented in Canada and the U.S.

Market Players Leveraging Opportunities Created by Mergers, Acquisitions, and Partnerships
The leading players in the global security as a service market are either merging with other companies and acquiring them or entering into partnerships, as such strategic measures help the major players in:
Better complying to government mandates and improving the governance
Innovating cloud security solutions in lesser time
Integrating their security solutions on the cloud platforms of the leading technology firms
Enhancing their offerings with expertise of cloud computing specialist firms
Mutually prospering in the cybersecurity and cloud niches
Cisco Systems Inc., Broadcom Inc., Microsoft Corporation, McAfee LLC, IBM Corporation, Intel Corporation, Trend Micro Incorporated, Citrix Systems Inc., Qualys Inc., ScienceSoft USA Corporation, Alert Logic Inc., Sophos Group plc, HyTrust Inc., Fortinet Inc., Zscaler Inc., Netskope Inc., Twistlock Ltd., vArmour Inc., Proofpoint Inc., CloudPassage Inc.,, LayerStack Limited, Cloudian Inc., Lacework Inc., and Plaxonic Technologies. are the key security as a service market players."